hhFFA_F3 FT Day 4 Dec 2011 final.pptVIP

Lecture example 2 (a) On 1 January 20X7 a business made a sale on credit for $12,000. A trade discount of $2,000 was available with a further 10% settlement discount if payment were made within 10 days. Required Record the initial sale. Slide * 哑漳新塘骤沦磊驼无昌酶伶胺跋饵傀重绽搔帖甲晴跺候伟辞汞重殖局镜二hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Lecture example 2 (b) On 4.1.X7, the customer pays for the goods taking advantage of the settlement discount. The discount will be 10% of sales value. Required Record the full settlement of the amount owed. (c) Required What would your answer be to part (b) if the settlement discount were not taken? Slide * 咎娠势葬知属梳腔篆汀尹戊嚷臼谁泉镭库成嘎股颅猫曰权堑卤蹬孙妇蔽组hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Answer to Lecture Example 2 Slide * 谜猫剪吩张稳嫩加哩眼排煞笼锥隔艰淋渗丘奏鹰花厘舀培寅擅华苑煽愈渐hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Answer to Lecture Example 2 Slide * 楚拄茁肇船拖凑雁戴逃奥揣居奥皋续谭叭锡朝突乙申琢励更轨变阴氖咀克hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Answer to Lecture Example 2 Slide * 柬象魄宅兄墟馁磷戚蘸琉琐富篷逻席悠疙撰小专哆谆富蛮愉涩疤大屎药拾hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Slide * Discounts received Received from the business’ suppliers Purchases are recorded after trade discounts but before settlement discounts 限要寇巧养幻耍增埠垦围蔫黎双烈掉俐恿莲燥舅毅演为骤纲睡夸旦腾胀捉hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Double Entry Adjustment to record settlement discounts received from suppliers Dr Payables ledger control account (SOFP) Cr Discounts received (I/S) Slide * 吓这抵满菊犊缝澡渍滇荚饭劝嘎兰吁抡允栓制桓弓爪帕儿嚷冀追羔除精浓hhFFA_F3 FT Day 4 Dec 2011 finalhhFFA_F3 FT Day 4 Dec 2011 final Lecture example 3 Ryan Co purchases goods worth $5,000 from Austin Co. Ryan Co will receive a 5% settlement discount if the goods are paid for within seven days. Ryan Co has every intention of taking advantage of the settlement discount. Required (a) Show the initial recording of the purchase. (b) Record the payment for th